Lesson 2 developing a mission statement
- 1. Crafting and Executing Strategy: The managerial process Global Business Consultants & Partners Training Courses Copyright 2020 Global Business Consultants
- 2. Chapter 1. Developing a Strategic Vision, Mission and Values Lesson 2: Developing a Mission statement
- 3. A company’s strategy is at full power only when its many pieces are united. A company’s vision, objectives, strategy, and approach to strategy implementation are never final; managing strategy is an on-going process, not an every-now-and-then task. Thompson et al. | 2014
- 4. Developing a Company’s Mission Statement. The distinction between a company’s Vision and its Mission statement is clear cut. A strategic Vision describes a company’s aspirations for its future, i.e. “Where we are going.” A company’s Mission describes its purpose and its present business, i.e. “who we are, what we do, and why we are here.” Developing a Mission statement
- 5. Developing a Company’s Mission Statement. A company’s Mission statement: Identifies its products and/or services, Specifies the buyers needs that it seek to satisfy and the customer markets its serves, and Gives the company its own identity. Developing a Mission statement
- 6. Developing a Company’s Mission Statement. The following are examples of Mission statements that that provide reasonably informative specifics about “who we are, what we do, and why we are here.” (1). Trader Joe’s (A specialty grocery chain): “The mission of Trader Joe’s is to give our customers the best food and beverage values that they can find anywhere and to provide them with the information required for informed buying decisions. We provide these with a dedication to the highest quality of customer satisfaction delivered with a sense of warmth, friendliness, fun, individual pride, and company spirit”. Developing a Mission statement
- 7. Developing a Company’s Mission Statement. The following are examples of Mission statements that that provide reasonably informative specifics about “who we are, what we do, and why we are here.” (2). Occupational Safety and Health Administration (OSHA): “To assure the safety and health of America’s workers by setting and enforcing standards; providing training, outreach, and education; establishing partnerships, and encouraging continual improvements in workplace safety and health.” Developing a Mission statement
- 8. Developing a Company’s Mission Statement. The following are examples of Mission statements that that provide reasonably informative specifics about “who we are, what we do, and why we are here.” (3). Google: “To organize the world’s information and make it universally accessible and useful.” Developing a Mission statement
- 9. Developing a Company’s Mission Statement. An example of a not-so revealing mission statement is that of Microsoft. “To help people and business throughout the world realize their full potential.” The mission statement says nothing about its products or business makeup. It could apply to many companies in many different industries. A person unfamiliar with Microsoft would not gather that it is a provider of software and leading maker of video game consoles. Developing a Mission statement
- 10. Developing a Company’s Mission Statement. With nearly 400 beverage brands in over 200 countries, Coca-Cola also has an uninformative mission statement. “To benefit and refresh everyone it touches” The usefulness of a mission statement that blurs the essence of a company’s business activities and purpose is unclear. Developing a Mission statement
- 11. Developing a Company’s Mission Statement. Another issue that company’s fall trap to is couching their mission statement. Occasionally, companies couch their mission statement in terms of making a profit. Profit is more correctly an objective and a result of what a company does. Developing a Mission statement
- 12. Congratulations! You’ve completed lesson 2. Recap: In this lesson you learned that a company’s Mission statement is distinctly different from its Vision and that it describes “who we are, what we do, and why we here”. You also learned that uninformative mission statements are unclear and persons unfamiliar with the company’s cannot gather “who you are, what you do, and why you are here”. Awesome work! Now click Complete and then Next for Lesson 3.